Third Quarter 2009 and Year-to-Date Highlights:

- Reported revenue of $74.1 million and $207.0 million, respectively, for the three and nine months ended September 30, 2009 compared to $57.6 million and $166.8 million for the comparable prior year periods;

- Paid a second quarter dividend of $0.10 per share, representing an approximate 20 percent payout ratio. The second quarter dividend was paid on August 20, 2009 to all shareholders of record as of August 11, 2009;

- Reported normalized net earnings(1) of $20.2 million, an increase $1.2 million, or 6.5%, for the quarter from $19.0 million for the comparable quarter

- Reported normalized net earnings of $57.5 million, an increase of $1.7 million, or 3.0%, for the nine month period from $55.8 million for the comparable period last year. Normalized net earnings include a $1.1 million charge that was accrued for in the second quarter as a result of exercising the delivery deferral options. This amount is due at the deferred delivery date of each vessel and represents the cost of entering into the delivery deferral options and, therefore, is required to be accrued for in the period under financial reporting standards. The Company does not believe it is representative of its operating performance and if excluded, normalized net earnings for nine months would have increased from the comparable prior period by $2.8 million, or 5.0%;

- Reported normalized earnings per share(1) of $0.25, a decrease of $0.04 from $0.29, or 13.8% for the prior year's quarter, and reported decreased normalized earnings per share by $0.16 or 18.0% to $0.73 for the nine month period from $0.89 for the comparable period last year. The overall decrease in normalized earnings per share over the comparable prior year periods is due to additional shares issued in our April 2008 equity offering, the non-cash dividend accrued to the Series A Preferred Shareholders as part of the Series A Preferred Stock issuance in January 2009 and the $1.1 million expense for exercising the delivery deferral options. Excluding the impact of the $1.1 million charge, normalized earnings per share for the nine months ended September 30, 2009, would be $0.75;

- Reported net loss of $66.0 million for the quarter ended September 30, 2009 compared to a net loss of $5.1 million for the comparable quarter last year. Net loss includes unrealized losses of $92.6 million and $24.7 million from interest rate swaps for the current and comparable quarters respectively;

- Reported loss per share of $1.03 for the quarter ended September 30, 2009 compared to a loss per share of $0.08 for the comparable quarter last year. Reported loss per share includes change in fair value losses of $1.37 per share and $0.37 per share from interest rate swaps for the current and comparable quarters respectively;

- Reported net earnings of $70.6 million for the nine months ended September 30, 2009 compared to $42.6 million for the comparable period last year. Net earnings includes unrealized losses of $0.1 million and $7.5 million from interest rate swaps for the current and comparable periods respectively;

- Reported earnings per share of $0.93 for the nine months ended September 30, 2009 compared to $0.68 for the comparable period last year. Reported earnings per share includes change in fair value losses of $0.12 per share from interest rate swaps for the prior period;

- Accepted delivery of two newbuild vessels in the three months ended September 30, 2009: the MOL Eminence and CSCL Manzanillo;

- Exercised options to defer the delivery date for 11 of the vessels that the Company has contracted to purchase. The deferrals are for periods ranging from two to 15 months from the dates agreed to under the original shipbuilding contracts. The shipbuilding contracts and time charters have been amended to provide for the new delivery dates;

- Deferred the delivery date for two additional vessels that the Company has contracted to purchase. The deferrals are for a period of approximately nine months from the dates that were agreed to under the original shipbuilding contracts. The shipbuilding contracts and time charters have been amended to provide for the new delivery dates;

- Declared a third quarter dividend of $0.10 per share. The third quarter dividend is to be paid on November 19, 2009 to all shareholders of record as of November 9, 2009; and

- Subsequent to September 30, 2009, closed the second and final $100 million tranche of the $200 million aggregate investment in the Company's Series A Preferred Stock on October 1, 2009.

Gerry Wang, Chief Executive Officer of Seaspan, stated, "During the third quarter, Seaspan further grew its fleet by taking delivery of two vessels. We have now taken delivery of six container vessels in 2009, all commencing time charters ranging from six to 12 years. With all 41 vessels secured on long-term time charters, Seaspan has once again achieved strong utilization for its fleet. We are pleased to continue to provide leading liner companies, concentrated in Asia, with modern, high specification vessels that meet high performance standards."

Mr. Wang concluded, "With the closing of the second tranche of Seaspan's $200 million preferred share issuance in October, we further improved the Company's capital structure and strengthened its financial flexibility. We look forward to taking delivery of 27 remaining newbuildings all under long-term charters, which will position the Company to grow its contracted revenue stream. Based on cash retained from operations combined with secured committed financing, we have arranged for nearly all of the capital needed to finance our contracted fleet growth."

Three and Nine Months Ended September 30, 2009 Financial Summary
(dollars in thousands):
                                  Three Months Ended
                                      September 30,            Change
                                  -------------------  --------------------
                                       2009      2008         $           %
                                  ---------  --------  --------  ----------
Reported net earnings (loss)      $ (65,962) $ (5,096) $(60,866) (1,194.4)%
Normalized net earnings(1)        $  20,232  $ 18,998  $  1,234        6.5%
Earnings (loss) per share (basic) $   (1.03) $  (0.08) $  (0.95) (1,187.5)%
Earnings (loss) per share
 (diluted)                        $   (1.03) $  (0.08) $  (0.95) (1,187.5)%
Normalized earnings per share
 (basic)(1)                       $    0.25  $   0.29  $  (0.04)    (13.8)%
Normalized earnings per share
 (diluted)(1)                     $    0.24  $   0.29  $  (0.05)    (17.2)%
                                   Nine Months Ended
                                      September 30,            Change
                                  -------------------  --------------------
                                       2009      2008         $           %
                                  ---------  --------  --------  ----------
Reported net earnings (loss)      $  70,562  $ 42,567  $ 27,995       65.8%
Normalized net earnings(1)        $  57,467  $ 55,803  $  1,664        3.0%
Earnings (loss) per share (basic) $    0.93  $   0.68  $   0.25       36.8%
Earnings (loss) per share
 (diluted)                        $    0.90  $   0.68  $   0.22       32.4%
Normalized earnings per share
 (basic)(1)                       $    0.73  $   0.89  $  (0.16)    (18.0)%
Normalized earnings per share
 (diluted)(1)                     $    0.73  $   0.89  $  (0.16)    (18.0)%

Results for the Three and Nine Months Ended September 30, 2009:

The following tables summarize vessel utilization and the impact of the unplanned off-hire time incurred on our revenues for the three and nine months ended September 30, 2009:

                        Third         Second        First        Year to
                       Quarter       Quarter       Quarter         Date
                   -------------  ------------  ------------  -------------
                     2009   2008   2009   2008   2009   2008    2009   2008
                   ------  -----  -----  -----  -----  -----  ------  -----
Vessel
 Utilization:
Ownership
 Days               3,632  2,844  3,445  2,687  3,150  2,639  10,227  8,170
Less Off-hire
 Days:
 Scheduled
  5-Year Survey       (14)     -      -    (10)     -      -     (14)   (10)
 Unscheduled
  off-hire             (6)   (22)    (4)   (21)    (1)   (27)    (11)   (70)
                   ------  -----  -----  -----  -----  -----  ------  -----
Operating Days      3,612  2,822  3,441  2,656  3,149  2,612  10,202  8,090
                   ------  -----  -----  -----  -----  -----  ------  -----
                   ------  -----  -----  -----  -----  -----  ------  -----
Vessel Utilization  99.4%  99.2%  99.9%  98.8%  99.9%  99.0%  99.8%   99.0%
                   ------  -----  -----  -----  -----  -----  ------  -----
                   ------  -----  -----  -----  -----  -----  ------  -----
                                 Third Quarter      Second Quarter
                              ------------------  ------------------
                                  2009      2008      2009      2008
                              --------  --------  --------  --------
                                      Revenue (in thousands)
Revenue - Impact of Off-Hire:
100% Utilization              $ 74,581  $ 58,101  $ 69,904  $ 55,507
Less Off-hire:
 Scheduled 5-Year Survey          (427)        -         -      (186)
 Unscheduled off-hire(2)           (97)     (497)      (73)     (389)
                              --------  --------  --------  --------
Actual Revenue Earned         $ 74,057  $ 57,604  $ 69,831  $ 54,932                              --------  --------  --------  --------
                              --------  --------  --------  --------
                                 First Quarter       Year to Date
                              ------------------  ------------------
                                  2009      2008      2009      2008
                              --------  --------  --------  --------
                                      Revenue (in thousands)
Revenue - Impact of Off-Hire:
100% Utilization              $ 63,147  $ 54,703  $207,632  $168,311
Less Off-hire:
 Scheduled 5-Year Survey             -         -      (427)     (186)
 Unscheduled off-hire(2)           (20)     (488)     (190)   (1,374)
                              --------  --------  --------  --------
Actual Revenue Earned         $ 63,127  $ 54,215  $207,015  $166,751
                              --------  --------  --------  --------
                              --------  --------  --------  --------

Revenue

Revenue increased by 28.6%, or $16.5 million, to $74.1 million for the quarter ended September 30, 2009, from $57.6 million for the comparable quarter last year. Revenue increased by 24.1%, or $40.3 million, to $207.0 million for the nine months ended September 30, 2009, from $166.8 million for the comparable period last year. The increase was primarily due to the delivery of nine additional vessels between October 2008 and September 2009. These deliveries included the CSCL Lima, CSCL Santiago, CSCL San Jose, CSCL Callao, CSAV Loncomilla, MOL Emerald, CSAV Lumaco, MOL Eminence and CSCL Manzanillo. Expressed in vessel operating days, our primary revenue driver, these nine vessels contributed 686 of the 790 additional operating days in the quarter, or $14.6 million in additional revenue.

                     Three                        Nine
                  Months Ended                Months Ended
                  September 30,   Increase    September 30,   Increase
                 ------------- ------------- ------------- -------------
                   2009   2008   Days      %   2009   2008   Days      %
                 ------ ------ ------ ------ ------ ------ ------ ------
Operating days    3,612  2,822    790  28.0% 10,202  8,090  2,112  26.1%
Ownership days    3,632  2,844    788  27.7% 10,227  8,170  2,057  25.2%

Operating days increased by 28.0%, or 790 days, to 3,612 days for the quarter ended September 30, 2009 from 2,822 operating days for the comparable quarter last year. Operating days increased by 26.1%, or 2,112 days, to 10,202 days for the nine months ended September 30, 2009 from 8,090 operating days for the comparable period last year. This increase was primarily due to the delivery of nine additional vessels between October 2008 and September 2009 which contributed 1,488 of the additional 2,112 operating days for the nine months ended September 30, 2009, or $29.7 million in additional revenue. During the three months ended September 30, 2009, the CSCL Oceania incurred approximately 14 days of off-hire related to scheduled vessel dry-docking. Vessel utilization was 99.4% and 99.8%, respectively, for the three and nine months ended September 30, 2009 compared to 99.2% and 99.0%, respectively, for the comparable periods in the prior year. Our vessel utilization since our initial public offering is 99.3%.

Ship Operating Expense

Ship operating expense increased by 46.5%, or $6.6 million, to $20.7 million for the quarter ended September 30, 2009, from $14.1 million for the comparable quarter last year. The increase was primarily due to the adjustment of technical services fees for the period commencing January 1, 2009 and the operating expenses associated with the nine vessels delivered since October 2008. Approximately $3.6 million of the $6.6 million increase was due to the re-negotiated technical services fees for the 32 vessels in operation for the quarter ended September 30, 2008 and for the quarter ended September 30, 2009. The fees for these vessels increased by approximately 23% from the initial technical services fees. Approximately $3.6 million of the $6.6 million increase was due to the addition of the nine vessels to our fleet since October 2008. Stated in ownership days (our primary driver for ship operating expense based on fixed daily operating rates) these nine deliveries account for an increase of 688 ownership days for the quarter ended September 30, 2009, as compared to the third quarter of 2008. The increased ship operating expense was partially offset by a $0.6 million decrease in extraordinary(3) costs and expenses not covered by the fixed fee for the three months ended September 30, 2009 compared to the comparable period last year.

Ship operating expense increased by 46.4%, or $18.3 million, to $57.7 million for the nine months ended September 30, 2009, from $39.4 million for the comparable period last year. Approximately $11.7 million of the $18.3 million increase was due to the re-negotiated technical services fees for the period commencing January 1, 2009. The increase was also due to the addition of the nine vessels to our fleet between October 2008 and September 2009. Stated in ownership days (our primary driver for ship operating expense based on fixed daily operating rates) these nine deliveries account for an increase of 1,491 ownership days, or $7.7 million in ship operating expense, for the nine months ended September 30, 2009, as compared to the nine months ended September 30, 2008. The increased ship operating expense was partially offset by a $1.1 million decrease in extraordinary(3) costs and expenses not covered by the fixed fee for the nine months ended September 30, 2009 compared to the comparable period last year.

Depreciation

Depreciation expense increased by 25.2%, or $3.6 million, to $18.0 million for the quarter ended September 30, 2009, from $14.4 million for the comparable quarter last year. Depreciation expense increased by 21.2%, or $8.9 million, to $51.0 million for the nine months ended September 30, 2009, from $42.1 million for the comparable period last year. The increase was due to the increase in number of ownership days from the nine deliveries between October 2008 and September 2009.

General and Administrative Expenses

General and administrative expenses decreased by 15.5%, or $0.4 million, to $2.0 million for the quarter ended September 30, 2009, from $2.3 million for the comparable quarter last year. General and administrative expenses decreased by 3.9%, or $0.2 million, to $6.1 million for the nine months ended September 30, 2009, from $6.3 million for the comparable period last year. For the three months ended September 30, 2009 compared with the comparable period in the prior year, general and administrative expenses are lower primarily due to overall cost reduction in the current year. The general and administrative expenses for the nine months ended September 30, 2009 are consistent with the comparable period in the prior year.

Interest Expense

Interest expense decreased by 5.0%, or $0.3 million, to $5.1 million for the quarter ended September 30, 2009, from $5.4 million for the comparable quarter last year. Interest expense decreased by 34.3%, or $8.2 million, to $15.8 million for the nine months ended September 30, 2009, from $24.0 million for the comparable period last year. Interest expense is composed of interest at the variable rate plus margin incurred on debt for operating vessels and a non-cash reclassification of amounts from accumulated other comprehensive income related to previously designated hedging relationships. Although the average operating debt balance was higher for the quarter ended September 30, 2009 compared to the same quarter in the prior year, interest expense decreased due to a decrease in LIBOR. The average LIBOR for the three and nine months ended September 30, 2009 was 0.3% and 0.5%, respectively, compared to 2.5% and 2.8%, respectively, for the comparable periods in the prior year.